Blue Federal Credit Union Review: High Yield Exam, 24/7 Support

Overall bank rating

Advantages and disadvantages

savings

Annual Percentage Yield (APY)

0.10% APY

  • For and against

  • details


  • advantages
    • $ 5 minimum deposit upon opening
    • No monthly service fees
    disadvantage
    • Low interest rate
    • Interest rates monthly, not daily
    • No interest for the month your balance drops below $ 25
    • 19 offices in Colorado and Wyoming
    • Become a Blue FCU member with $ 5
    • You must open a Blue FCU Membership Share Saving Account to join the credit union
    • Over 30,000 free ATMs, over 5,000 shared branches worldwide
    • Monthly interest, monthly payment
    • Federal insurance with the NCUA

    When you join the credit union, you will need to open a savings account for the Blue Federal Credit Union member shares. It’s a strong account overall, but it pays a low interest rate. When you join, you may want to open another Blue FCU savings account that pays a better price.

    Verification

    Annual Percentage Yield (APY)

    1.00% to 2.00% APY

  • For and against

  • details


  • advantages
    • Gain interest
    • With Blue FCU, earn higher interest the longer you do banking
    • No monthly service fee
    • No minimum deposit at opening
    • No fees for ATMs outside the network
    • Refunds of up to $ 28 / month in ATM fees charged by non-network providers
    disadvantage
    • $ 30 overdraft fee
    • If you overdraw more than $ 1,000, your purchase will be refused
    • Interest monthly, not daily
    • 19 offices in Colorado and Wyoming
    • Become a Blue FCU member with $ 5
    • Over 30,000 free ATMs, over 5,000 shared branches worldwide
    • To earn interest, make 10 monthly debit card transactions AND sign up for electronic statements AND do one of the following each month: receive a direct deposit, use online billing, or make an ACH deposit or withdrawal
    • If you meet these criteria, you’ll earn 1.00% to 2.00% APY on balances up to $ 15,000 and 0.05% on balances above $ 15,000
    • Earn 1.00% as a Silver Member, 1.50% as a Gold Member, and 2.00% as a Sapphire Member
    • Membership levels depend on the number of Blue FCU products you have, your balance on accounts and credits, and the number of years you have spent with Blue FCU
    • Interest and monthly payout
    • Federal insurance with the NCUA

    Blue Federal Credit Union has several


    Check accounts

    . Blue Extreme Checking is a great choice to get a high interest rate if you meet the requirements, or you can open a cashback or basic account.

    CD

    Annual Percentage Yield (APY)

    0.15% to 1.10% APY

  • For and against

  • details


  • advantages
    • High interest rates, especially for longer terms
    • Usual prepayment penalties
    • After opening the account, make additional deposits with a term of 30 months
    disadvantage
    • $ 1,000 minimum deposit
    • Interest rates monthly, not daily
    • 19 offices in Colorado and Wyoming
    • Become a Blue FCU member with $ 5
    • Over 30,000 free ATMs, over 5,000 shared branches worldwide
    • Terms from 6 months to 5 years
    • Early repayment penalties: 90 days dividend with a term of 1 year or less; 180 days of dividends for terms of more than 1 year and less than 3 years; 240 days interest for terms of 3 years or longer
    • Tiered Interest Rates: Earn a higher interest rate with a deposit of $ 50,000 or $ 100,000
    • Monthly interest, monthly payment
    • Federal insurance with the NCUA

    Blue Federal Credit Union pays competitive rates on CDs, especially for terms of 4 and 5 years. Most institutions will not allow you to deposit any more money after opening a CD, but you can add more to the Blue FCU 30 month CD.

    This is how the Blue Federal Credit Union works

    Blue Federal Credit Union accounts are available online in the US. You can also visit a branch in Colorado or Wyoming, or one of the 5,000 joint CO-OP branches. You cannot open an account in a joint branch, but you can get assistance.

    There are over 30,000 free ATMs in the CO-OP network.

    Blue FCU has three membership levels: silver, gold and sapphire. Each tier offers other benefits, such as a higher interest rate on the Blue Extreme checking account, no domestic transfer fees and credit card rewards.

    The tiered membership system is a bit complex, and you can read the full details here. You will earn points for opening accounts, taking out credit and opening Blue FCU credit cards. The more points you have, the higher your level.

    Call Live Customer Service 24/7 or chat live online Monday through Friday.

    The Blue FCU mobile app doesn’t have many reviews online yet. So far, the app has 2.2 out of 5 stars in the Apple Store and 3.6 out of 5 stars in the Google Play Store.

    Your deposits are federally insured by the NCUA for up to US $ 250,000 or US $ 500,000 for joint accounts. That means your money will be safe even if the credit union is closed.

    How to join the Blue Federal Credit Union

    Probably the easiest way to join the Blue Federal Credit Union is to donate to the Blue Foundation. When you open a Blue FCU Membership Share Savings account (which is mandatory for membership) with USD 10, the credit union will keep USD 5 in the account and donate USD 5 to the foundation.

    Or you already qualify for membership if you meet one of the following criteria:

    • Work for a select group of employees in Colorado or Wyoming
    • Are civilians, service members, contractors, or employees of a contractor assigned to Francis E. Warren Air Force Base?
    • Are an employee of the Francis E. Warren Air Force Exchange or other activities on the base
    • Are you a member of the Wyoming Army National Guard, Wyoming Air National Guard, or the United States Naval Reserve based in Wyoming?
    • Are an active or retired member of the U.S. Forces, or are a dependents / dependents of a member and are legally entitled to benefits

    Is Blue Federal Credit Union Trustworthy?

    Blue Federal Credit Union has no public controversy.

    The Better Business Bureau is focused on consumer trust and evaluates businesses based on responses to customer complaints, honest advertising, and transparency about business practices. The BBB gives Blue FCU an A + score.

    However, a good BBB score does not guarantee that you will have a smooth relationship with a company. You may want to ask friends and family about their experience with Blue FCU, or read customer reviews online.

    Comparison of the Blue Federal Credit Union

    We compared the Blue Federal Credit Union to two other institutions in our guide to the best credit unions: Alliant Credit Union and Pentagon Federal Credit Union.

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    if you are familiar with online banking and Alliant is the only company without physical branches.

    If you want a high savings rate, you will likely prefer Alliant or PenFed. Blue FCU has a few savings accounts to choose from, but none pays as high rates as Alliant or PenFed.

    To earn a good check interest rate it depends on your situation. If you qualify for any of the Blue FCU Silver, Gold or Sapphire membership levels, you will earn a better rate than the other two credit unions. However, if you don’t qualify for a tier of membership, you’re better off with Alliant or PenFed.

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